Why it doesn’t matter when you begin Soc Sec — in theory
“In theory” are the key words as to why it matters not the age one claims Social Security. The reason is you should end up with about the exact same benefits, but again, that is “in theory.” If one lives to exactly one’s life expectancy then the aforementioned is true. Start at 62 and you get many more years of checks but much smaller ones. Wait until 70 and the checks are as big as they can be for the rest of your life, but you’ve lost 8 years. What to do? As Christy Bieber explains, “This system was designed based on actuarial predictions of how long people will live.” Obviously one must factor in health and other considerations. Full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.